440 engine making a noise that sounds like an exhaust leak, but no leak is found

I’m going to level set. Reassemble everything and do a compression check. Then pull the exhaust manifold if compression is ok. Replace oil and go from there
 
Get that fuel saturated oil out of there.
Get some quality oil, drive it, then recheck every thing.
 
Update:
re-assembled the valve train, torqued properly. Performed a compression test on 2, 4 and 6. all came back equal, so that was hopeful.

I pulled the exhaust manifold and sure enough. bad spot on the gasket at # 4. So that's the noise I'm sure.

I happen to have 1 manifold gasket, but when I started to torque the bolts/nuts to 30 ft/lb, the rear nut/stud stripped. then one of the long nuts did the same, so I gave up and ordered some replacement parts for that. Now I wait. I bought the 68-71 C body kit, which isn't exactly correct, but has what I believe are enough long bolts to do the one manifold.

Thanks for all the advice, I'll update once I get the kit and install it. The fuel in the oil is a different matter...
 
No exhaust gaskets from the factory! Although many gasket kits might include them, not OEM used. Cast iron to cast iron.

The gaskets MIGHT be used as an aid if the manifold might be warped, but that would be the only reason. Steel headers need gaskets due to the different expansion rates of the two metals, plus the fact most of the welds on the flanges were not always as smooth as they would need to be. The quality of the soft gaskets that came with them would eventually blow-out, though. The later "black" gaskets with internal reinforcements lasted much better.

Just some thoughts,
CBODY67
 
Good For You ! I have a Similar issue with my HP Manifolds on my GTX. I am going to try these at some point.

Remflex 6002 Exhaust Header Gasket​

 
I was going to suggest maybe a leak around a worn shaft of exhaust manifold heat control valve .
But it sounds like you found the culprit.
 
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